Former Reebok boss Uli Becker and the former president of US online fashion retailer ModCloth, Matthew Kaness, have also been appointed to the advisory board, the company said.

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Afterpay is not required to disclose any cash payments to the advisory board members as they are not directors of the Afterpay board or management personnel. However, any equity award - even the granting of options to be exercised at later date - must be disclosed to the market within two days of the agreement being reached. Afterpay declined to comment.

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A source familiar with the company said it was likely Afterpay would award options for shares in its US business to its advisory board members. "Sometimes this stuff is just a marketing tool," said another source.

Afterpay's awarding of shares and options to its founders and other staff has been of keen interest for market watchers after its three co-founders sold $100 million of stock amid an investigation by AUSTRAC into possible breaches of anti-money laundering and counter-terrorism financing laws.

Two of Afterpay's co-founders, Nick Molnar and Anthony Eisen, have agreed to not sell any more shares in 2020. Mr Hancock resigned on the 119th day of his 120 day voluntary escrow.

Mr Summers said in a statement that he looked forward to joining the advisory board of the loss-making company's US business.

"Afterpay is leading the market by reinventing the way people shop and pay with alternatives to traditional credit that encourages responsible spending and control in how consumers pay," he said.

During his time as Treasury Secretary from 1999 to 2001, Mr Summers championed deregulation of financial markets, famously endorsing a bill that removed the requirement for investment banks to be separate from retail banks - a key change that laid the seeds for the global financial crisis.

Afterpay co-founder and US chief executive Nick Molnar said the appointments bolstered the company's already strong US advisory board.

"With their support, Afterpay will continue to build on our business momentum and forge strong partnerships with brands who want to offer their customers a way to pay that encourages responsible spending, control and convenience," Mr Molnar said in a press release published on the Australian Securities Exchange late on Wednesday.